Featured Story

Thiele optimistic despite decline in CPF money

REPORTER FILE PHOTO New figures have been released on Community Preservation Fund revenues for the Island.
REPORTER FILE PHOTO New figures have been released on Community Preservation Fund revenues for the Island.

The Peconic Bay Community Preservation Fund took in 1 percent less during the first 10 months of 2015 than it netted for the same period a year ago.Revenues were at $81.55 million for the five East End towns, down from $8.38 million for the same 10 months last year, Assemblyman Fred Thiele Jr. said.

The money is paid as a 2 percent tax by purchasers of property in the five East End Towns.

Mr. Thiele noted that 2014 represented the highest amount total overall for CPF money since the system was created in 1999.

At the time, the legislator said the number reflected the “continued strength and stability in East End real estate and the continued availability to local towns of the necessary revenues to protect community character.”

He said the 2015 decline showed that CPF revenues have “plateaued” and that they are “virtually the same as 2014,” on track to produce more than $97 million for the year.

November CPF numbers were down as well, Mr. Thiele said. They totalled $9.69 million overall as compared with $10.56 million for November 2014. When he totalled numbers for the past year — 10 months of 2015 and the last two months in 2014 — he said the fund generated $106.96 million.

Shelter Island took in $1.61 million so far this year as compared to $1.76 million for the first 10 months of 2014. That represents an 8.5 percent drop. The Island lagged other East End towns through most of 2014 before pulling up in the last couple of months of the year.

Riverhead and East Hampton also recorded declines in Community Preservation money. In Riverhead, the decline was 6.6 percent, bringing in $2.68 million as compared with $2.87 million last year.

East Hampton saw a 5.2 percent drop from $23.97 million in 2014 to $22.72 million for the months of January through October this year.

Southold recorded the largest percentage increase by 12.2 percent, pulling in $5.05 million this year as compared with $4.5 million at this point last year.
Southampton recorded a small increase in CPF funds, up by 0.4 percent from $49.27 million last year to $49.5 million this year.

[email protected]